Globalizing The Bail In (July 8, 2013)
. . .
A “So we won’t force all the taxpayers to bail out the banks, but we will force some taxpayers to bail out the banks they had the misfortune to trust. Those who put their faith in the bank will be betrayed in a planned and premeditated policy.”
B “It is all the rage on the global stage now and will create quite a rage when it is actually implemented.”
A “Unless it is implemented slowly as a bank fails there and a bank fails here. There was no public outrage over the losses at MF Global, yet there are many small investors sitting around a dinette table worrying about how there are going to pay the bills.”
. . .
B “Will any e-mail surface crafted by a sentient human being who questioned the insanity and absurdity and ultimate futility of the policy.”
A “An e-mail in some personnel file justifying a firing may surface in a wrongful discharge law suit. A suit that is doomed if it is before a Republican Federal Judge.”
. . .
[See the “e-ssay” at Bailouts: Out; Bail Ins: In; Slowly Boilin’ The Frog (April 15, 2013).]
Bumper sticker of the week:
“The fact that it led to a complete collapse of the international economic system is what they call an ‘unintended consequence’ in masters of public policy programs. So it is not our fault. We are sorry that we cannot say we are sorry.”